Flywire (FLYW) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Flywire published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Q3 2026 net income includes a non-cash income tax benefit of approximately $39.2 million from releasing the valuation allowance against Flywire's U.S. deferred tax assets. Flywire says it does not expect a benefit of this nature or size to recur.
• The revenue-by-type split is from Flywire's Form 10-Q, which reports it in millions with one decimal.

Source: Flywire Q3 2026 earnings release, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Flywire splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Flywire's Transaction revenue revenue was $215 million in Q3 2026, up 29% from $167 million in Q3 2025, 86% of total revenue.
• Flywire's Platform and other revenues revenue was $35.2 million in Q3 2026, up 7% from $33.0 million in Q3 2025, 14% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Flywire guides to growth in revenue less ancillary services, a non-GAAP measure, on an FX-neutral basis, and to adjusted EBITDA margin expansion. It gives no GAAP revenue or EPS outlook.

In its Q3 2026 release, Flywire said:

“Fiscal Year 2026 FX-Neutral Revenue Less Ancillary Services Growth 25-27% YoY”

“Adjusted EBITDA Margin Growth +300 to 360 bps YoY”

“Fourth Quarter 2026 FX-Neutral Revenue Less Ancillary Services Growth 14-20% YoY”

“In setting our Q4 outlook, we have appropriately factored in prudent visa assumptions across the big 4 education markets and B2B payment trends.”

Source: Flywire Q3 2026 earnings release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the FLYW forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted net income (loss) per share, each as first reported in that quarter's release. Flywire's revenue is seasonal: the third quarter carries the peak of education payments ahead of the academic year.

We do not hold a confirmed date for Flywire's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Flywire processes payments for schools, hospitals, travel businesses and B2B sellers, and most of its revenue is a fee on each payment. Transaction revenue was $215.1 million of Q3 2026's $250.3 million, up 28.7% from $167.2 million, and platform and other revenues were $35.2 million, up 6.8%. Total revenue rose 25.1%. (Flywire Form 10-Q, Q3 2026, Nov 4, 2026; Flywire Q3 2026 earnings release, Nov 3, 2026)

The transaction fee is generally a rate applied to the value of each payment, and it varies with the payment method, the currency pair being converted and the region the client and payer are in. Flywire earns more on cross-border payments than domestic ones, and costs more on credit cards than bank transfers, so mix moves its margins. (Flywire Form 10-Q, Q3 2026, Nov 4, 2026)

Volume drove the quarter. Total payment volume rose 27.7% to $17.8 billion from $13.9 billion, and Flywire attributes the transaction revenue increase primarily to higher payment volumes from existing and new clients. Q3 is the seasonal peak for education payments. Revenue less ancillary services, Flywire's non-GAAP top line, rose 26.0% to $244.5 million. (Flywire Q3 2026 earnings release, Nov 3, 2026; Flywire Form 10-Q, Q3 2026, Nov 4, 2026)

Education visas are the risk Flywire names. Its earnings supplement assumes U.S. visas down 30%, Canadian visas down more than 10% and Australian visas down about 20% in 2026, with U.S. education revenue growing at a low single digit percentage. It credits the Q3 beat over its own guidance primarily to strength in U.K. education and travel. Flywire signed approximately 180 new clients across 31 countries in the quarter. (Flywire Q3 2026 earnings supplement (Exhibit 99.2), Nov 3, 2026; Flywire Q3 2026 earnings release, Nov 3, 2026)

Flywire earned $74.5 million, or $0.57 per diluted share, in Q3 2026, up from $29.6 million, or $0.23. The quarter included a $22.2 million income tax benefit, driven by $27 million of discrete items, the largest being a $25.2 million release of the U.S. valuation allowance. Flywire says the total non-cash benefit from the release is approximately $39.2 million and that Q3 net income is not indicative of future results. (Flywire Q3 2026 earnings release, Nov 3, 2026)

Before tax, income from operations rose to $52.8 million from $32.3 million. Gross margin slipped to 61.0% from 62.3% as payment processing services costs grew faster than revenue. Flywire's supplement ties the gross margin decline to the ramp of its payment processing business, which the 10-Q describes as carrying a lower gross margin than its traditional products. (Flywire Q3 2026 earnings release, Nov 3, 2026; Flywire Q3 2026 earnings supplement (Exhibit 99.2), Nov 3, 2026; Flywire Form 10-Q, Q3 2026, Nov 4, 2026)

Flywire does not report an adjusted EPS. Its main non-GAAP profit measure is adjusted EBITDA, which rose 39.2% to $79.5 million, a 32.5% margin on revenue less ancillary services. In the first nine months of 2026 it repurchased 4,047,247 shares for $59.2 million, with $122.7 million left under its $300.0 million program. Diluted weighted average shares were 129,703,126, against 127,675,613 a year earlier. (Flywire Q3 2026 earnings release, Nov 3, 2026; Flywire Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Flywire guides to non-GAAP growth rates, not dollar figures. With Q3 2026 it raised its 2026 outlook to FX-neutral revenue less ancillary services growth of 25% to 27% and adjusted EBITDA margin expansion of 300 to 360 basis points. For Q4 2026 it expects FX-neutral growth of 14% to 20% and margin expansion of 330 to 530 basis points. (Flywire Q3 2026 earnings release, Nov 3, 2026)

Flywire says the Q4 outlook factors in prudent visa assumptions across the big 4 education markets and B2B payment trends. Its supplement adds that about 3% to 4% of 2026 revenue growth comes from payment processing ramps and about 1.5% from the Sertifi acquisition, and that adjusted gross margin is expected to decline about 300 to 325 basis points in 2026. (Flywire Q3 2026 earnings release, Nov 3, 2026; Flywire Q3 2026 earnings supplement (Exhibit 99.2), Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Flywire, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Flywire's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning FLYW is on is FLYW a buy or a sell?, what analysts expect next is on the FLYW forecast, and what the company does is on the Flywire (FLYW) stock page.

Every number on this page can be traced to a document Flywire published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.